Proactiveinvestors United Kingdom Anglo-African Minerals newswires

Anglo-African Minerals completes acquisition for Sierra Leone diamond and gold assets

Wed, 26 May 2010 09:34:00 +0100

Anglo-African Minerals (FSE:AMQ) has now completed the acquisition of two Sierra Leone companies from Target Resources. Under the terms of the deal, announced only last week, Anglo-African will acquire Target subsidiaries Haliburton Overseas Ltd and Milestone Trading Ltd in return for 3 million company shares.

Jointly, the acquired businesses own one alluvial diamond mining licence and two gold mining licences, as well as an alluvial mining plant and equipment with a US$12m replacement cost. Target chief executive Dr Nissim Levy and company secretary David Bressloff will join the Anglo-African board as part of the deal.

The company stated last week: “Dr Levy and his team have established a strong presence in Sierra Leone, a country with exciting resource potential ... The company has a large capacity to mine and process alluvial gravels along with prospective licences.”

The company is conducting a full review of its current operations in Sierra Leone, including the Gendema joint venture with Canaf SL Ltd.

Anglo-African Minerals expands Sierra Leone footprint with addition of diamond and gold assets

Mon, 17 May 2010 11:29:00 +0100

Anglo-African Minerals (FSE: AMQ) has acquired diamonds and gold assets in Sierra Leone through a deal with Target Resources PLC. In return the company will issue 3 million shares to Target. The deal is expected to close by the end of May.

Under the terms of the deal, Anglo-African will acquire Target subsidiaries Haliburton Overseas Ltd and Milestone Trading Ltd. Jointly, the acquired businesses own one alluvial diamond mining licence and two gold mining licences, as well as an alluvial mining plant and equipment with a US$12m replacement cost.

The company highlighted that it will now conduct a full review of its current operations in Sierra Leone, including the Gendema joint venture with Canaf SL Ltd, and future potential.

Target chief executive Dr Nissim Levy and company secretary David Bressloff will join the Anglo-African board as part of the deal. “Dr Levy and his team have established a strong presence in Sierra Leone, a country with exciting resource potential”, Anglo-African chairman Michael Smith said. “The company has a large capacity to mine and process alluvial gravels along with prospective licences.”

Anglo-African Minerals extends exploration concessions in Guinea

Tue, 02 Mar 2010 10:16:00 +0000

Anglo-African Minerals (FSE:AMQ) announced it has extended all nine of its exploration concessions in Guinea, West Africa, for a further two years. The company is exploring a 1,050 square kilometres area, known for its "rich and rewarding potential", for gold, diamonds, iron ore and copper.

Anglo-African said that the extensions further bolster its considerable portfolio. Five of the concessions are for gold properties - Kouroussa, Macenta, Kankan and two concessions on the southern bank of the Tinkisso River.

At the Kouroussa concession a large number of artisanal miners work in the area, for about 5km along a narrow north-south trending ridge of “Birimian volcanic”, which form the prominent Niandian Range. The Macenta concession is located in the Diani Valley.

Anglo-African said that the Kankan gold concession is highly promising, noting that the area is “underlain by the Birimian Siguiri formation which contains small mafic-ultramafic and granitic intrusions along a strong regional scale north north-eastern trending shear zone”. Also, in other parts of the Siguiri Basin this zone has proved to be a favourable geological setting for gold mineralisation, the company stated.

At the Tinkisso river, the company has two adjacent concession areas and according to Anglo-African, the area is known to carry alluvial gold, which has been extensively worked by artisanal miners, and additionally there are known quartz-vein occurrences to the north of the concession area.

Also among the extended concessions are two diamond properties, an iron-ore property and a copper property.

The Kindia Diamond concession is located in an area known historically for artisanal diamond mining. The company highlighted that the area is known to host paleo-placer deposits. The second diamond concession, the Kissidougou Diamond Permit lies on the western fringe of the ‘diamond triangle’ about 70km west of the Aredor diamond mine.

The iron-ore concession is located South-West of the town of Kissidougou in south-east Guinea. Anglo-African noted that a number of major iron-ore exploration programmes are currently underway in the surrounding area, which is underlain by “Archean granite-gneiss”. Finally, the Faranah Copper concession area hosts “Archean terrane” and intrusions of ultramafic rocks, which are known to be associated with base metals.

The Dublin-incorporated Anglo-African was formed in 2008 to acquire exploration properties in Guinea. In December 2009, the company listing on the Frankfurt Stock Exchange. According to Anglo-African, Guinea is richly endowed with mineral resources, “most of which remain relatively unexploited compared to other countries in the region.”

The company highlights that the country contains the world’s largest known bauxite reserves, considerable iron ore deposits, more than 10Moz of known gold reserves, more than 30M carats of diamonds, as well as copper, uranium, nickel and other base metals.

“Mining provides 20% of Guinea’s gross domestic product, 30% of government revenues and 80% of export revenues. Guinea is the world’s second largest producer of bauxite and also exports alumina, gold and diamonds. There is widespread small-scale artisanal production of gold and diamonds," the group added.

Anglo-African Minerals to acquire coal and diamond assets in US$9m deal with CANAF Group

Fri, 05 Feb 2010 11:12:00 +0000

Anglo-African Minerals (FSE:AMQ) has agreed the acquisition of Quantum Screening and Crushing Pty Ltd, including the Southern Coal Pty Ltd subsidiary and a 51% stake in a Sierra Leone based diamond business, from CANAF Group Inc (TSX: CAF) in a share-based deal worth US$9m.

According to Anglo-African, the deal will further diversify the company's portfolio and bring a highly desirable revenue stream. Quantum Screening and Crushing primarily consists of South African based Southern Coal Pty Ltd, and a 51% stake in the Canaf SL Ltd which operates an alluvial diamond business based in Sierra Leone.

Under the terms of the deal, the company will acquire the assets of Quantum Screening and Crushing, in return for 3 million Anglo-African shares. All employees of the business to be acquired are expected to join Anglo-African, and CANAF president and CEO David Way has agreed to join the company’s board.

“David and his team bring an exceptional contact base and a great deal of management experience in a variety of African operations,” Anglo-African chairman Michael Smith commented. “We very much look forward to merging the operations. In addition, in these uncertain times it is most reassuring to be cash flow positive before discretionary exploration and capital costs.”

Southern Coal Pty Ltd produces carbon for end users in the steel industry, the majority of the feedstock anthracite which is supplied by Springlake Colliery, which has reserves in excess of 40 years. The business’ customers include BHP-Billiton and Arcelor Mittal. “The addition of the South African business will see the company providing major steel producers with key components in their respective operations,” Anglo-African stated.